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Solstar Space Co.’s Innovations Propel Communication in Low Earth Orbit

Solstar Space Co., based in Santa Fe, New Mexico, is making strides in space technology with its recent $1.25 million Small Business Innovation Phase II research contract from AFWERX, the U.S. Air Force’s innovation arm. This contract aims to tackle critical challenges faced by the Department of Defense, particularly in the realm of space communications.

At the forefront of Solstar’s development efforts is the Continuous Spacecraft System Communications Wideband (CSSC-WB) unit, also known as the Slayton Space Communicator. Designed to revolutionize communication in Low Earth Orbit (LEO), the Slayton Space Communicator offers high-speed downlink and uplink capabilities, enhancing connectivity with spacecraft and personnel operating in this vital region of space.

The significance of Solstar’s innovation lies in its ability to minimize communication blackout periods caused by limited ground station links. With the Slayton Space Communicator, Solstar aims to provide near real-time access to large data files, including remote sensing images and video streams. Brian Barnett, CEO of Solstar Space, emphasizes the importance of such capabilities as LEO becomes increasingly congested, highlighting the need for complete situational awareness for organizations like the U.S. Space Force.

In light of recent incidents involving space debris, such as the unexpected crash of a piece of hardware from the International Space Station, the importance of effective communication and monitoring in space has become more apparent than ever. Solstar’s innovative solutions not only enhance connectivity but also contribute to improving safety and efficiency in space operations.

As Solstar Space continues its research and development efforts with the support of AFWERX and other partners, the future of space communication looks promising. With its commitment to pushing the boundaries of technology, Solstar is poised to play a significant role in shaping the future of space exploration and satellite communication.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Revolutionizing Building Insulation: CleanFiber’s $28M Series B Funding Round

CleanFiber Inc., a Buffalo-based materials science startup, is making waves in the construction industry with its innovative approach to building insulation. Recently, the company secured a remarkable $28 million Series B equity funding round, marking a significant milestone in its journey towards sustainable growth.

Founded on the principles of environmental stewardship and technological innovation, CleanFiber manufactures building insulation from recycled corrugated cardboard. This unique approach not only addresses the pressing need for sustainable construction materials but also offers a practical solution to waste management challenges.

Led by CEO Jonathan Strimling, CleanFiber has rapidly gained traction in the market, attracting investments from prominent sustainability-focused firms such as Spring Lane Capital, Climate Innovation Capital, AXA IM Alts, and Tokyu Construction/Global Brain. With the recent Series B round, CleanFiber’s total capital raised, including both equity and debt, has soared to over $100 million.

The company’s success story is deeply rooted in its commitment to innovation and community engagement. After winning a $500,000 prize in the 43North contest, CleanFiber relocated to Buffalo seven years ago, establishing its presence in the region’s burgeoning startup ecosystem. Over the years, the company has expanded its operations, employing approximately 95 people and transforming its factory on the former Bethlehem Steel site in Blasdell into a hub of sustainable manufacturing.

CleanFiber’s impressive growth trajectory is reflected in its year-over-year revenue, which has surged by at least 140% over the last three years. The Series B funding will further accelerate this growth by enabling the company to scale production, diversify its product portfolio, and enhance its market reach through strategic sales and marketing initiatives.

As one of the largest local raises in 2023, CleanFiber’s Series B funding underscores the growing investor interest in sustainable technologies and the company’s potential to drive positive change in the construction industry. With a clear vision and robust financial backing, CleanFiber is poised to revolutionize building insulation and set new standards for eco-friendly construction practices.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Companies are Concerned about R&D Tax Deal Held Up in Senate

ETRAK Technologies to Compete for $75K in Funding from Alabama Launchpad

Many large U.S. companies are pushing lawmakers to revive the expired tax breaks for research and development spending.

The 2017 Tax Cuts and Jobs Act (TCJA) had a provision for Section 174 of the internal revenue code (IRC) which came into effect in 2022 and resulted in research and development expenditures now needing to be amortized over 5 years rather than deducted in the year they occurred. The Tax Relief for American Families and Workers Act of 2024, a bipartisan bill, proposing a change back to deducting methods sprang into action and gained momentum in recent months but has now stalled in the Senate.

At present, various large companies are stating that the law as it stands is costing them hundreds of millions or billions of dollars, while some owners of small and medium-size businesses are wondering if their firms will survive.

Companies of all sizes have been urging lawmakers to reverse the law. The House passed a bipartisan bill in January to restore immediate domestic research deductions retroactively from 2022, but Republicans have held up the bill in the Senate over details of child-credit changes, their inability to amend the bill and the prospect of a better deal if the GOP wins a Senate majority in November’s election.

With matters like the House’s impeachment of Homeland Security Secretary Alejandro Mayorkas and reauthorization of a section of the Foreign Intelligence Surveillance Act potentially on the agenda, the Senate isn’t likely to take up the tax bill before a break later this month. “I don’t think there’s been any movement,” said Sen. Todd Young (R-Ind.), who supports the bill.

To add to the frustration caused by this delay, the current bill runs only through 2025 and is, if passed, only a stopgap anyways.

At this point, with hope of the bill passing waning, it is no surprise to see that companies are now considering offshore R&D activities where they could take advantage of other country’s R&D tax incentives. This would bring the benefits of innovation to other countries rather than keeping it local and supporting the United States.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Xevant: Pioneering Data Analytics for a More Efficient Pharmacy Benefit Landscape

Xevant, Inc, a company dedicated to revolutionizing the pharmacy benefit landscape, recently announced their commitment to accelerated growth with a significant follow-on investment. This financial backing underscores the growing recognition of their innovative data analytics platform designed to help pharmacy benefit organizations (PBMs) navigate the complexities of the healthcare system.

PBMs play a crucial role in managing prescription drug costs for various stakeholders, including employers, health plans, and individual consumers. However, navigating the intricate world of pharmacy benefits can be challenging due to complex data analysis and reporting requirements.

Xevant addresses this challenge by providing automated data analytics and reporting tools specifically tailored for PBMs. This innovative platform empowers PBMs with the ability to:

Gain deeper insights: Xevant’s technology analyzes vast amounts of data related to drug utilization, pricing, and trends, providing PBMs with a comprehensive understanding of their clients’ needs and opportunities for cost savings.
Make informed decisions: Armed with these insights, PBMs can make data-driven decisions regarding drug formularies, network contracting, and other vital aspects of their operations.
Improve efficiency: Xevant’s platform automates various tasks, streamlining workflows and freeing up valuable time for PBM teams to focus on strategic initiatives.

By leveraging Xevant’s cutting-edge technology, PBMs can not only reduce costs but also enhance the overall quality of care for their clients. This translates to improved health outcomes, increased affordability, and a more efficient healthcare system for everyone involved.

Xevant’s commitment to innovation extends beyond their initial product offering. They continuously invest in research and development to further enhance their platform and stay at the forefront of the ever-evolving healthcare landscape. This dedication to progress ensures that PBMs can rely on Xevant to provide them with the tools they need to navigate the complexities of the pharmaceutical industry and deliver optimal results for their clients.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Sage Geosystems Secures $17 Million to Build Commercial Geopressured Geothermal System

Sage Geosystems, a Houston-based company at the forefront of geothermal innovation, recently secured a significant $17 million Series A funding round. This investment serves as a major boost for their ambitious project: constructing the world’s first commercial geopressured geothermal (GGS) facility in Texas.

Geothermal energy, which utilizes the Earth’s internal heat to generate electricity, holds immense potential as a clean and sustainable energy source. However, traditional geothermal systems rely on accessing hot rock formations deep underground, which can be geographically limited and require complex drilling techniques.

Sage Geosystems takes a novel approach by tapping into geopressured reservoirs. These naturally occurring underground formations contain hot brine under immense pressure. This unique combination of heat and pressure allows Sage Geosystems to generate electricity without the need for deep drilling, making their technology more scalable and adaptable compared to traditional methods.

The $17 million funding will be directed towards the construction of a three-megawatt (MW) GGS facility in Texas. This pilot project represents a significant step forward in proving the commercial viability of geopressured geothermal technology.

The potential benefits of Sage Geosystems’ innovation are multifaceted:

Clean and Sustainable Energy: GGS technology offers a reliable and baseload renewable energy source, contributing to the reduction of greenhouse gas emissions and dependence on fossil fuels.
Scalability and Adaptability: Unlike traditional geothermal methods, GGS systems can potentially be deployed in various locations with geopressured resources, making them a more widely applicable solution.
Economic Benefits: The development of this technology has the potential to create new jobs and stimulate economic growth in the regions where it is implemented.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Osazda Energy Soars with SBIR Grant for Self-Healing Solar Cell Technology

Osazda Energy, a company dedicated to pushing the boundaries of solar energy, has received a significant boost with a recent Small Business Innovation Research (SBIR) grant. This prestigious award recognizes their groundbreaking research and development (R&D) efforts in creating a revolutionary self-healing solar cell technology with the potential to transform the energy landscape.

While Osazda’s technology boasts increased efficiency, its true innovation lies in its ability to combat a major challenge plaguing the industry: cell cracking. As solar panels become thinner and lighter for various applications, they become more susceptible to developing cracks, leading to performance degradation and electrical losses.

This is where Osazda’s MetZilla Paste and MetZilla Plate technologies come in. These innovative solutions, incorporating nanomaterials into the metallization process, allow cracked cells to self-heal and regain electrical continuity. This translates to several key benefits:

Extended lifespan: By addressing the issue of cell cracking, a major contributor to solar panel degradation, Osazda’s technology has the potential to double the lifespan of solar panels, reaching 40-50 years compared to the current industry standard of 25 years. This translates to significant cost savings in the long run.
Reduced Levelized Cost of Electricity (LCOE): Increased panel lifespan directly impacts the LCOE, making solar energy more affordable and accessible for a wider range of users.
Weight reduction: Thinner panels are crucial for drones and spacecraft due to weight limitations. Osazda’s technology enables the use of thinner panels without compromising durability, enhancing the capabilities of these vehicles.

The SBIR grant serves as a significant validation of Osazda’s innovative approach. It provides essential funding to further develop and commercialize their self-healing technology, paving the way for a more sustainable and cost-effective future for solar energy across terrestrial, UAV, and space applications. Osazda Energy is not just pushing the boundaries of efficiency; they are revolutionizing the way we think about solar power altogether.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Reprieve Cardiovascular Secures $42 Million Series A Financing for Intelligent Fluid Management in Heart Failure

Reprieve Cardiovascular, Inc., a trailblazing company dedicated to innovating intelligent automated diuretic and fluid management solutions for acute decompensated heart failure (ADHF) treatment, has successfully raised $42 million in a successful series A financing round. The funding, co-led by Lightstone Ventures and Sante Ventures and joined by Deerfield Management, Genesis Capital, and Arboretum Ventures, marks a significant milestone for the company, propelling its clinical and development programs, including the ongoing FASTR trial and an upcoming pivotal trial.

Heart failure affects over 6.7 million Americans today, with ADHF causing unplanned office visits, emergency room trips, or hospitalizations due to sudden or gradual onset symptoms. Recognizing the critical need for advanced treatment options, Reprieve Cardiovascular is on a mission to transform heart failure care.

The Reprieve System aims to personalize decongestion management effectively. By monitoring physiological parameters such as urine output, the system delivers personalized diuretic dosing and fluid replacement for ADHF patients. This intelligent approach seeks to improve patient outcomes, prevent hospital readmissions, and address the challenges posed by the standard diuretic treatment option, which has remained largely unchanged for 60 years.

Mark Pacyna, CEO of Reprieve Cardiovascular, emphasized the significance of bringing intelligent decongestion management to heart failure patients. The Reprieve System offers physicians and care teams real-time visibility and control, enhancing the overall treatment process.

The company’s growth is not only reflected in its innovative solutions but also in its expanded leadership team, which includes domain experts in product development, regulatory affairs, clinical strategy, and commercialization. Mark Pacyna, with his extensive experience from Medtronic, leads this team, and the series A funding reaffirms the belief in Reprieve’s potential to revolutionize heart failure treatment globally.

Jan Garfinkle, Founding and Managing Partner of Arboretum Ventures, expressed excitement about Reprieve’s emergence from stealth mode, highlighting the pivotal trial ahead. The series A funding signifies a collective belief in Reprieve’s team and the necessity for technology that can significantly impact the lives of ADHF patients worldwide.

Reprieve Cardiovascular, headquartered in Milford, Massachusetts, is on a mission to bring intelligence to decongestion management, providing hope for more than 25 million heart failure patients globally. The ongoing FASTR trial is a testament to the company’s commitment to advancing innovative therapies and transforming heart failure care.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

eBlu is Anything but Blue after Successful Funding Round

Louisville-based eBlu Solutions Inc., renowned as one of the city’s fastest-growing private enterprises, has successfully raised a substantial $4 million in a recent funding round, as per records filed with the U.S. Securities and Exchange Commission in January.

Founded in 2012, eBlu has rapidly expanded its footprint by offering an efficient single-portal software solution designed for benefit verification of specialty medications. The company experienced a significant surge in growth starting in 2021, marked by an impressive $11 million Series A fundraising round. Within a year, eBlu’s employee count skyrocketed from 63 to over 100, prompting a relocation to its new headquarters on the 15th floor of Waterfront Plaza in Downtown Louisville.

Currently boasting a workforce of 114 employees, eBlu is committed to further expansion and development. The freshly injected capital will play a pivotal role in supporting key initiatives geared towards sustaining the company’s growth trajectory.

Lori Wood, Director of Brand Marketing at eBlu, expressed excitement about the internal funding round and its implications for the company’s future. She highlighted the strategic addition of Mike Davis, Co-Founder of Appriss, as the Executive Chairman to the board, foreseeing an exciting and promising year ahead for eBlu Solutions in 2024.

The internal funding round was led by eBlu’s existing venture capital investors, including OCA Ventures from Chicago, Mutual Capital Partners from Cleveland, and FCA Venture Partners’ Health Innovations II fund based in Brentwood, Tennessee.

eBlu Solutions earned the remarkable position of No. 7 on Business First’s prestigious 2023 Fast 50 list, a testament to its phenomenal growth. The company achieved an extraordinary revenue surge, exceeding 411% over three years, escalating from $1.8 million in 2020 to an impressive $9.4 million in 2022.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Revolutionizing Healthcare Documentation: Abridge AI Inc. Secures $150M in Series C Funding

Abridge AI Inc., headquartered in Pittsburgh, PA, has secured a remarkable $150 million in a Series C funding round, reaffirming its position as a trailblazer in the field of generative AI for clinical documentation. The investment was led by Lightspeed Venture Partners, who will now join the board, along with significant contributions from co-lead Redpoint Ventures, IVP, Spark Capital, Union Square Ventures, Bessemer Venture Partners, Wittington Ventures, Mass General Brigham Artificial Intelligence and Digital Innovation Fund (AIDIF), Kaiser Permanente Ventures, and CVS Health Ventures.

This substantial funding injection comes a mere four months after Abridge AI’s successful $30 million Series B round, underscoring the tremendous confidence and interest in the company’s innovative endeavors.

Abridge AI, under the visionary leadership of Dr. Shiv Rao, CEO, and Founder, specializes in providing a cutting-edge platform tailored for medical conversations. Their unique approach enhances clinical documentation efficiencies, allowing healthcare professionals to concentrate more on patient care. The platform utilizes generative AI to transform patient-clinician conversations into structured clinical notes in real-time, seamlessly integrating with Electronic Medical Records (EMR). Abridge AI’s speech and language technologies are versatile, supporting evaluation in 14 languages and functionality in many more.

The company is set to utilize the newly acquired funds to expand its team and embark on the development of foundation models that leverage extensive multimodal healthcare data. Abridge AI is at the forefront of innovation, actively working on personalizing notes, deepening EMR integration, and providing clinicians with valuable after-visit insights.

In an additional exciting announcement, Abridge AI disclosed a new enterprise agreement with the prestigious Yale New Haven Health System, the largest and most comprehensive healthcare system in Connecticut. This partnership will empower thousands of clinicians with access to Abridge AI for clinical documentation, focusing on reducing cognitive burdens and enhancing face-to-face patient engagement.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Michigan Senate Passes R&D Tax Credit Bills

Michigan businesses may have a new tax credit to look forward to under bills that passed the state Senate March 19th.

The bills have been written to support economic development with strategic funds. The package as a whole includes bills to create a research and development tax credit, resurrect a jobs program that expired in 2019, and reshape an economic incentives program aimed at attracting large-scale business investment.

As of now, the bill has the following provisions:

For tax years beginning on or after January 1, 2024, a nonrefundable tax credit will be available to Michigan taxpayers performing qualified research within Michigan
For taxpayers with 250 or more employees, the credit is equal to 10% of its qualified research expenditures (QRE), exceeding the base amount up to a $2,000,000 cap.
For taxpayers with less than 250 employees, the credit is equal to 15% of its QRE, exceeding the base amount up to a $250,000 cap.
An additional 5% of the QRE exceeding a base amount up to a $200,000 cap is available for taxpayers collaborating with a research university within the state.
The base amount is the average annual QRE for the three years preceding the credit year.
The annual cap for Michigan’s R&D credit program is $100 million, $25 million of which is set aside for small businesses.
The credit is refundable if the state’s R&D credit program annual caps are not reached and only if a taxpayer’s nonrefundable credits have been fully utilized in the credit year.

The state will follow the federal rules in determining what is or is not eligible research. This means activities must meet the IRS’ four part test criteria as detailed in IRC §41.

Each of Michigan’s surrounding states already has some form of an R&D tax credit, leaving Michigan as one of the few midwestern states without an R&D tax credit.

At present, the bill is cleared for the governor’s signature, although other bills in the package need to return to the House for that chamber to agree to changes the Senate made.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.